MTR Gaming reports loss of $2.6M

CHESTER — MTR Gaming Group Inc., parent of Mountaineer Casino, Racetrack and Resort, reported a net loss of $2.6 million for the first quarter, more than half of which came from the cost of discontinued operations.

MTR reported net revenues were up 28 percent, at $116.3 million compared with $92 million in the first quarter of 2007.

The net loss includes a $2.8 million gain from the sale of the Speedway Casino in Las Vegas, a $3.4 million loss on debt modification regarding MTR’s revolving credit facility and $400,000 listed as strategic development expenses.

Net earnings for the first quarter in 2007 were $559,000, the company reported.

At Mountaineer, net revenues were at $74 million, up from $66.5 million for the first quarter of 2007.